Anglo American Share Price Today: Anglo‑Teck Merger, BHP Exit and 2026 Stock Forecasts

Anglo American plc (LON: AAL), one of the world’s largest diversified miners, is in the middle of the biggest strategic shake‑up in its modern history. As of 11 December 2025, investors are digesting three big storylines at once:

the approved merger of equals with Teck Resources to create “Anglo Teck”,
the collapse of BHP’s renewed takeover attempt, and
an ongoing portfolio overhaul, dividend reset and earnings slump.

All of that is being reflected in the Anglo American share price, which trades just under the psychological 3,000p mark while analysts edge their forecasts higher but remain cautious.

Anglo American share price on 11 December 2025

Latest real‑time data from London shows Anglo American PLC trading around 2,879–2,891p per share, with an intraday range roughly between 2,846p and 2,901p on 11 December 2025. ^[1]

Key snapshot:

Current price: about 2,880p
52‑week range:1,641.5p to 3,051.0p ^[2]
Market capitalisation: roughly £31 billion ^[3]

The stock has recovered sharply from the lows hit during the 2022–2023 downcycle and the early‑2025 sell‑off triggered by dividend cuts and restructuring, but it still trades below its recent 52‑week high.

Short‑term trading has also been shaped by event risk:

the failure of BHP’s renewed takeover bid in late November, and
the Anglo‑Teck merger approvals in early December, which have now shifted the narrative away from “Will Anglo be bought?” towards “Can Anglo Teck deliver?”.

Anglo‑Teck merger: a new copper‑heavy mining giant

Shareholders give the green light

On 9 December 2025, shareholders in both Anglo American and Teck Resources voted overwhelmingly in favour of a merger of equals to create Anglo Teck, a combined group focused on copper and other “future‑facing” commodities. ^[4]

Key points from the approvals and company statements:

The new group will be headquartered in Canada and listed in London (with additional listings maintained, including in Johannesburg). ^[5]
Anglo American shareholders approved the issue of new shares for the merger with 99.17% support and backed the name change to Anglo Teck with 99.98% in favour. ^[6]
Teck shareholders also backed the all‑stock merger, moving the deal into the regulatory‑approval phase. ^[7]

According to Anglo and Teck, the merged company will be a top‑five global copper producer, with current combined copper production of around 1.2 million tonnes, expected to rise to 1.35 million tonnes by 2027 as projects ramp up. ^[8]

Strategic rationale: copper and critical minerals

The strategic pitch is straightforward: build a “critical minerals champion” heavily skewed to copper at a time when electrification, AI‑driven data centres and grid expansion all need more metal.

From Anglo’s own merger materials and Q3 2025 update:

Anglo Teck aims to offer more than 70% exposure to copper at the portfolio level. ^[9]
The combined group brings together flagship copper assets in Chile (Collahuasi, Los Bronces, Quebrada Blanca), Peru (Quellaveco, Antamina) and Canada (Highland Valley). ^[10]
Anglo has also struck a joint mine‑planning agreement with Chile’s Codelco for the adjacent Los Bronces and Andina mines, aimed at unlocking additional industrial synergies and long‑life optionality in central Chile. ^[11]

Analysts and company presentations highlight targeted cost synergies of around $800 million and an additional $1.4 billion of potential EBITDA uplift from integrating overlapping Chilean operations, especially Collahuasi and Quebrada Blanca. ^[12]

What it means for existing shareholders

For shareholders, the merger has several layers:

Anglo shareholders receive new Anglo Teck shares and retain exposure to the enlarged portfolio.
South African shareholders are set to receive a special dividend of R73 per share, on top of ongoing distributions, as part of the agreed deal economics. ^[13]
Anglo has stressed that it is not exiting South Africa:
- the merged entity will maintain its JSE listing,
- Kumba Iron Ore is described as “central” to the group’s strategy, and
- management argues that a stronger Anglo Teck should be better placed to invest in South African mining over the long term. ^[14]

Not everyone is convinced. Some South African economists have argued that the deal accelerates Anglo’s strategic retreat from the country and could be a “final death knell” for its historical role in the Johannesburg market. ^[15]

What is undisputed is that regulatory approvals still lie ahead, including competition and foreign‑investment reviews in multiple jurisdictions. Anglo’s own filings repeatedly emphasise that the merger remains conditional on regulatory clearance, even after the shareholder votes. ^[16]

Executive pay backlash: bonus plan scrapped

A politically sensitive subplot to the merger has been executive pay.

Ahead of the shareholder vote, Anglo proposed a multimillion‑pound special incentive scheme for top executives, including CEO Duncan Wanblad, which would have guaranteed a large portion of their long‑term share awards if the Teck merger completed. Estimates suggested potential payouts of up to £8.5 million for the CEO. ^[17]

The plan triggered strong backlash from investors and proxy advisers, who objected to:

guaranteed payouts rather than performance‑based vesting, and
the idea of linking pay largely to deal completion rather than long‑term value creation.

In response, Anglo withdrew the resolution on 8 December and has promised further consultation on remuneration before the 2026 AGM. ^[18]

The withdrawal almost certainly helped clear the way for the decisive shareholder approval of the merger a day later.

BHP walks away: takeover premium evaporates

While Anglo was negotiating with Teck, BHP quietly re‑entered the scene in November 2025 with a renewed takeover approach reportedly worth around £40 billion, reviving a saga that began with failed hostile bids in 2024. ^[19]

However:

After preliminary discussions, Anglo’s board again rejected the offer.
On 24 November 2025, BHP publicly withdrew its approach, saying that although the deal had “strong strategic merits”, it preferred to focus on its own organic growth pipeline. ^[20]
Under UK takeover rules, BHP is now barred from making another bid for six months, unless circumstances change significantly. ^[21]

Reports and market commentary suggest that Anglo’s valuation gap vs BHP, its firm commitment to the Teck merger, and political sensitivities around South African assets all made a friendly deal difficult. ^[22]

In the short term, BHP’s exit removed a takeover premium from Anglo’s share price. One widely‑circulated analysis described Anglo as a “short‑term loser” from the collapse in speculative bid support, even if the longer‑term logic of the Teck tie‑up remains intact. ^[23]

Portfolio overhaul: platinum, nickel, coal and diamonds

Alongside the Anglo‑Teck merger, the group is in the middle of a major simplification of its portfolio.

Valterra Platinum spin‑off and sale

Anglo has now fully exited its platinum business, demerging it into a separately listed company, Valterra Platinum, and then selling its remaining 19.9% stake for around $2.5 billion (R44.1 billion) in 2025. ^[24]

The move:

turned Anglo into a pure‑play ex‑PGM company,
strengthened the balance sheet with substantial cash proceeds, and
aligned the group more closely with its copper, iron ore and crop‑nutrients “future‑facing” strategy. ^[25]

Valterra itself has performed strongly since listing, with its shares reportedly gaining around 40% in the months following the spin‑off, underscoring investor appetite for a pure‑play PGM producer. ^[26]

Nickel business sale under antitrust scrutiny

Back in February 2025, Anglo agreed to sell its Brazilian nickel business (Barro Alto, Codemin and related projects) to MMG for up to $500 million. ^[27]

However:

The deal has drawn EU antitrust scrutiny, specifically over access to ferronickel for European customers. ^[28]
Anglo and MMG have proposed remedies and recently agreed to extend the completion deadline, signalling that regulatory negotiations are ongoing. ^[29]

The nickel unit is now treated as a discontinued operation in Anglo’s financial reporting, highlighting how far the group has moved away from its former multi‑metal sprawl. ^[30]

Steelmaking coal: deal with Peabody collapses after mine incidents

Anglo had previously agreed to sell its Australian steelmaking coal portfolio to Peabody Energy for about $3.8 billion, but that transaction has since fallen apart. ^[31]

Key developments:

Serious gas and fire incidents at the Moranbah North mine in early 2025 led to evacuations and prolonged shutdowns, which damaged the economics of the sale. ^[32]
Peabody attempted to renegotiate the price after these events; Anglo resisted. ^[33]
In August 2025, Anglo reported that Peabody had purported to terminate the deal, and the coal assets remain in a sale process with other potential options being explored. ^[34]

In its Q3 production report, Anglo described steelmaking coal as an “exiting business”, with volumes more than halved year‑on‑year due to the incidents and the earlier sale of its Jellinbah stake. ^[35]

De Beers: iconic diamonds on the block

The last big non‑core pillar is De Beers, Anglo’s 85%‑owned diamond business.

Anglo has confirmed that it is actively pursuing a sale or spin‑off of De Beers, citing weak diamond market conditions, the rise of lab‑grown diamonds and a desire to focus capital elsewhere. ^[36]
Botswana, already a 15% shareholder through Debswana, is involved in sale talks and has a strong interest in the future ownership structure. ^[37]

Taken together – Valterra, nickel, coal and De Beers – Anglo is shrinking to grow, betting that a narrower but higher‑quality portfolio plus the Teck merger will justify a premium multiple over time.

Operational performance: Q3 2025 production in focus

Anglo’s Q3 2025 Production Report shows a company that is operationally solid but still battling legacy issues and cyclical headwinds. ^[38]

Headline numbers vs Q3 2024:

Copper: 184 kt, +1% year‑on‑year; strong grades at Quellaveco and Los Bronces offset weaker output at Collahuasi.
Iron ore: 14.3 Mt, –9%, mainly due to planned maintenance and a pipeline inspection at Minas‑Rio in Brazil.
Manganese ore: 973 kt, +140%, rebounding after a cyclone‑related disruption in 2024.
Diamonds (De Beers): 7.7 Mct, +38%, with higher output at Jwaneng in Botswana ahead of planned maintenance.
Steelmaking coal: 1.9 Mt, –54%, reflecting the Moranbah North incident and asset sales.
Nickel: 10.1 kt, +2%. ^[39]

Importantly, management maintained 2025 production and unit‑cost guidance for core assets, and even raised guidance at Minas‑Rio to 23–25 Mt (from 22–24 Mt) after the pipeline inspection completed ahead of schedule. ^[40]

Realised prices also helped:

Average copper realised price up about 6–7% year‑on‑year,
Iron ore prices up a few percent,
while diamonds, coal and nickel saw softer price realisations. ^[41]

Earnings, dividend reset and balance sheet

Despite improving operations in copper and iron ore, Anglo’s financial results in 2025 have been weak.

For the first half of 2025:

The group reported a net loss of about $1.9 billion, roughly three times the loss in the same period of 2024. ^[42]
Underlying earnings per share fell sharply, while reported loss per share worsened to –$1.58 from –$0.55. ^[43]
The interim dividend was slashed to $0.07 per share, down from $0.42 a year earlier – an 83% cut – as discontinued operations (platinum, coal, diamonds) dragged on earnings. ^[44]

Because the share price has fallen far more than the dividend, trailing yields around 10–11% currently seen on some data providers are as much a reflection of the past as of the future; analysts widely expect lower, more conservative payouts until earnings recover. ^[45]

On the balance sheet, Anglo is:

using asset‑sale proceeds (Valterra, nickel, future coal and De Beers transactions) to reinforce liquidity and reduce net debt, and
arguing that the Anglo‑Teck merger will deliver a more cash‑generative copper portfolio better able to support sustainable dividends in the next cycle. ^[46]

Analyst ratings and 12‑month price targets

Sell‑side sentiment on Anglo American shares is cautious but generally constructive, with most firms sitting between Hold and Buy.

Across major data providers:

Investing.com (14 analysts)
- Consensus rating: Buy
- Average 12‑month price target:~2,943p, implying about +2–3% upside from current levels
- Target range: ~2,038p to ~3,497p. ^[47]
Financial Times (15 analysts)
- Recommendation mix (4 Dec 2025): 2 Buy, 6 Outperform, 10 Hold, 0 Sell
- Median 12‑month target (USD equivalent): roughly 2,987–2,999 (about +3–4% vs latest price). ^[48]
ValueInvesting/Fintel aggregated set (26 analysts)
- Consensus rating: Hold
- Average target: about 2,978p, with a range from 2,020p to 3,675p and a median around 3,060p. ^[49]
MarketBeat (5 analysts)
- Consensus rating: Hold (3 Hold, 2 Buy)
- Average target:2,624p, implying roughly –9% downside from a reference price near 2,886p. ^[50]

Pulled together, these data sets suggest:

The central analyst scenario is for Anglo/Anglo Teck to trade broadly around current levels over 12 months, with modest upside if copper prices remain strong and integration goes smoothly.
There is significant dispersion: the most bullish targets see 20–25% upside, while the most bearish imply 25–30% downside, reflecting very different views on commodity prices, regulatory risk and execution.

Key drivers to watch for Anglo American (and Anglo Teck) in 2026

For investors following AAL (and, soon, the Anglo Teck ticker), the main catalysts over the next 12–18 months include:

Regulatory approvals for the Anglo‑Teck merger
- Competition and FDI authorities across multiple jurisdictions must sign off on the deal. Any delays or stringent conditions could impact synergy realisation and valuation. ^[51]
Copper price trajectory
- The investment case increasingly hinges on copper demand from electrification, renewables and AI infrastructure. A sustained copper bull market would be highly supportive; a sharp correction would cut deeply into earnings leverage.
Execution of asset sales
- Progress (or lack of it) on nickel, steelmaking coal and De Beers will determine how quickly Anglo can simplify and de‑risk its balance sheet. Regulatory obstacles (as with the nickel sale) and operational incidents (as seen in coal) are non‑trivial risks. ^[52]
Operational stability in coal and other legacy assets
- Safety and environmental performance at mines like Moranbah North and Grosvenor will continue to influence both valuation and ESG‑driven investor appetite. ^[53]
Dividend policy under the new structure
- After an 83% interim dividend cut, the market will scrutinise how Anglo Teck sets its payout ratio and whether it prioritises debt reduction, capex for growth, or shareholder returns. ^[54]

Bottom line

As of 11 December 2025, Anglo American stock sits at the intersection of three big stories:

the creation of Anglo Teck, a copper‑heavy mining giant,
the abrupt end of BHP’s takeover ambitions, and
a bruising restructuring that has delivered losses, dividend cuts and major portfolio changes.

Current valuations and analyst targets imply that the market is not pricing in dramatic upside or collapse in the near term; instead, investors are waiting to see whether Anglo Teck can turn strategic theory into hard cash flow.

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